https://www.taxtmi.com/caselaws?id=754043 The ITAT Kolkata quashed revision orders under section 263 where the CIT directed additions at 8% of alleged gross turnover based on information from Sales Tax Authorities. The assessee claimed identity theft and filed an FIR, asserting unknown persons misused his IDs for transactions. The Tribunal held that neither the AO nor CIT properly investigated whether the bank accounts actually belonged to the assessee. The CIT failed to independently apply his mind and merely reproduced proposals without categorical findings on the assessee's plea. The Tribunal emphasized that revenue authorities must first establish account ownership before imposing tax liability, and the matter was already pending before CIT(Appeals) with co-terminus powers. en-us Wed, 12 Jun 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754043 The ITAT Kolkata quashed revision orders under section 263 where the CIT directed additions at 8% of alleged gross turnover based on information from Sales Tax Authorities. The assessee claimed identity theft and filed an FIR, asserting unknown persons misused his IDs for transactions. The Tribunal held that neither the AO nor CIT properly investigated whether the bank accounts actually belonged to the assessee. The CIT failed to independently apply his mind and merely reproduced proposals without categorical findings on the assessee's plea. The Tribunal emphasized that revenue authorities must first establish account ownership before imposing tax liability, and the matter was already pending before CIT(Appeals) with co-terminus powers. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754043